WHERE HAVE I HEARD THAT BEFORE?

 

The $5,000 tax deferred savings account for newborns in the “Big but not so Beautiful Bill” – actually not a bad idea (except for the two names it had been given) – sounded awful familiar to me.  A Google search told me where I had heard it before.

“Clinton Floats $5,000 Baby Bond” from ABC News in September of 2007 tells us -

“Sen. Hillary Clinton, D-N.Y., floated the idea Friday of giving every child born in America a $5,000 'baby bond' from the government to help pay for future costs of college or buying a home.

‘I like the idea of giving every baby born in America a $5,000 account that will grow over time,’ said Clinton, ‘so when that young person turns 18 if they have finished high school they will be able to access it to go to college or maybe they will be able to put that down payment on their first home, or go into business.’"

The GOP TAX ACT 2 (my name for it) creates “Trump accounts” – a truly despicable and blatant arse and ring kissing example of fealty to deplorable and despicable Trump by today’s equally deplorable and despicable Republican Party – which CNN recently explained in “How the $1,000-per-baby ‘Trump accounts’ would work and who would benefit most” -

“Under the proposed ‘Trump accounts’ — initially called ‘Money Account for Growth and Advancement’ (MAGA) accounts — the federal government would put $1,000 into individual accounts for babies born between January 1, 2025, and December 31, 2028.

The family and others may make annual contributions to the account so long as combined they don’t exceed $5,000 a year, although nonprofits may be able to donate more.

The money must be invested in a low-cost, diversified US stock index fund or equivalent, and no withdrawals may be made until the child turns 18. Taxes are deferred on growth until the money is withdrawn.

The account is intended for expenses tied to higher education or “post-secondary education credentialing,” buying a home or starting a small business.”

The ABC News item from 2007 also reported –

“The idea floated by Clinton was rebuked Friday by the Republican National Committee, which called it a ‘budget busting baby fund,’ and by Republican presidential candidate Rudy Giuliani who called it evidence that Clinton is running a campaign ‘based on pandering.’"

How interesting that today’s Republicans steal an idea (which they opposed when originally presented) from Democrat (and Trump’s 2016 opponent) Hillary Clinton and name it after their self-absorbed Fuhrer.

TTFN